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25(1)The amount of an individual’s total lump sum rights on 5th April 2006 is—
where—
VCPR is the value of the individual’s relevant crystallised pension rights on 5th April 2006, calculated in accordance with paragraph 10, and
VULSR is the value of the individual’s relevant uncrystallised lump sum rights on that date.
(2)The value of the individual’s relevant uncrystallised lump sum rights on 5th April 2006 is the aggregate value of the individual’s uncrystallised lump sum rights on that date under each relevant pension arrangement relating to the individual.
(3)An uncrystallised lump sum right is a right to a lump sum which on 5th April 2006 is prospective (rather than actual).
(4)An arrangement is a “relevant pension arrangement” if it is an arrangement under a pension scheme within paragraph 1(1).
(5)The value of the individual’s uncrystallised lump sum rights under an arrangement on 5th April 2006—
(a)in the case of an arrangement under a pension scheme falling within paragraph 1(1)(f), is 25% of the value of the funds held for the purposes of the arrangement on that date, and
(b)in the case of any other arrangement, is an amount calculated in accordance with sub-paragraph (6).
(6)The amount is the amount of any lump sum to which the individual would have been entitled under the arrangement on 5th April 2006 on the assumption that the individual became entitled to the present payment of a lump sum under the arrangement on that date.
(7)In calculating an amount in accordance with sub-paragraph (6) the valuation assumptions apply but as if the reference to such age (if any) as must have been reached to avoid any reduction in benefits on account of age in paragraph (a) of section 277 were to the relevant age; and for this purpose “the relevant age” is—
(a)if on 10th December 2003 the terms of the arrangement made provision for a reduction in the amount of benefits payable in respect of rights under the arrangement on account of the holder of the rights being below a particular age, that age, and
(b)otherwise, 60.
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